TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank Of Canada in a note issued to investors on Friday, Benzinga reports. They currently have a $106.00 target price on the pipeline company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 74.05% from the company’s previous close.
Several other research firms have also recently weighed in on TRP. Morgan Stanley cut shares of TC Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, June 10th. Jefferies Financial Group upgraded shares of TC Energy from a “hold” rating to a “buy” rating in a report on Tuesday, September 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TC Energy in a research report on Friday, July 31st. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, May 26th. Finally, Barclays reissued an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, TC Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.00.
Check Out Our Latest Stock Report on TRP
TC Energy Stock Performance
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last posted its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the prior year, the business earned $0.82 EPS. On average, equities analysts forecast that TC Energy will post 2.78 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in TRP. Canada Pension Plan Investment Board bought a new position in shares of TC Energy during the 2nd quarter valued at approximately $1,148,244,000. GQG Partners LLC bought a new stake in TC Energy during the 2nd quarter worth approximately $1,107,936,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in TC Energy during the 2nd quarter worth approximately $977,976,000. Norges Bank purchased a new position in TC Energy during the fourth quarter valued at approximately $583,732,000. Finally, Legal & General Group Plc purchased a new position in TC Energy during the second quarter valued at approximately $519,612,000. 83.13% of the stock is currently owned by institutional investors.
About TC Energy
TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.
The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.
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